Iraq Loses Oil Revenue

Iraq is currently losing oil revenues of 100 thousand barrels per day (bpd) because Kurdistan is not producing oil, the spokesperson of the Iraqi Oil Ministry said on Sunday.

“Kurdistan will not affect the Iraqi budget by stopping oil production, but the country is losing additional revenues that can be used in the rebuilding processes,” Asim Jihad told Aswat al-Iraq news agency.

He explained that the total amount of losses can be evaluated by multiplying the average daily price of 100 thousand barrels of oil by the number of days when Kurdistan did not export oil.

“Iraq needs to export as much oil as possible to ensure revenues for both the state and people (sic),” Jihad added.

He noted that the Iraqi region of Kurdistan gets an extra benefit of $1 per barrel of oil it exports.

(Source: Aswat al-Iraq)

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